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Financial situations divorcing women do not expect

Thu 19 Jul, 2018 / by / Divorce

When people dissolve their marriage in Illinois, they have certain expectations as to how their lives will change once the judge issues a divorce decree. Women tend to focus on issues related to child custody and parenting time. For this reason, they are more likely to run into unpleasant financial surprises after the divorce is finalized.

In a recent nationwide survey conducted by Worthy.com, a popular website that focuses on personal finance, nearly 50 percent of women below the age of 55 indicated that they were blindsided by financial surprises upon getting divorced. What is not surprising about the survey, however, is that most of these women had relinquished complete financial control to their spouses while they were married.

Men who go through marriage dissolution proceedings, particularly those who are involved in high-net-worth divorces, are more likely to focus on issues related to asset valuation, property division and retirement assets. For this reason, they do not experience as many ugly financial surprises. The financial worries of divorcing women tend to be centered on legal fees and the thought of having to live with just one income. While these are valid concerns, some people tend to forget to consider:

• Joint marital debts• Entering or reentering the workforce• Health insurance• The limits of child support and alimony

Many of the women in the Worthy.com survey admitted that they had neglected to increase their individual net worth during their marriage. Many others neglected their professional development and occupational outlook. To avoid uncomfortable post-divorce surprises, women should openly discuss their personal financial situations with their attorneys. Even if the economic outcome of the divorce is not the most ideal, it is always good to know what to expect in the future.